The sale of Scranton, Pa.-based Mercy Health Partners to Franklin, Tenn.-based Community Health Systems for $150 million has been approved, according to a Times-Tribune report.
This approval by a Lackawanna County judge is the last formal step in the sale, which may be finalized by May 1.
Under the sale, CHS will invest a minimum of $68 million in capital improvements in Mercy over the next five years and will honor Mercy's charitable care policy. The sale will also create two new charitable foundations independent of the hospitals.
Catholic Health Partners, Mercy's parent company, will assume $214 million in liabilities and will donate approximately $19.5 million to the new foundations.
Read the Times-Tribune report on Mercy Health Partners and Community Health Systems.
Read more coverage on Mercy Health Partners:
- CHS' Acquisition of Pennsylvania's Mercy Health Necessitates Name Change
- CHS Acquisition of Pennsylvania's Mercy Hospital May Alter Catholic Status
- CHS to Acquire Pennsylvania's Mercy Health Partners
This approval by a Lackawanna County judge is the last formal step in the sale, which may be finalized by May 1.
Under the sale, CHS will invest a minimum of $68 million in capital improvements in Mercy over the next five years and will honor Mercy's charitable care policy. The sale will also create two new charitable foundations independent of the hospitals.
Catholic Health Partners, Mercy's parent company, will assume $214 million in liabilities and will donate approximately $19.5 million to the new foundations.
Read the Times-Tribune report on Mercy Health Partners and Community Health Systems.
Read more coverage on Mercy Health Partners:
- CHS' Acquisition of Pennsylvania's Mercy Health Necessitates Name Change
- CHS Acquisition of Pennsylvania's Mercy Hospital May Alter Catholic Status
- CHS to Acquire Pennsylvania's Mercy Health Partners